Buying a Rental is pretty easy, Keeping it is another story
Many questions on here is in regards to buying property. The first thing people think of when deciding to become a Landlord is buying the property. Once they buy the property then what? Oh my gosh, there's a lot of work to be done to the property. Then, Oh my gosh, how do I find a tenant? Then Oh my Gosh, now what?
So you need to have plan that goes way beyond buying that rental.
It's easy to purchase a rental, but can you keep it? That is the question.
My husband was the handyman (well we had a work crew, but hubby was the ultimate handyman, perfectionist to an annoying fault...even to this day everything has to be perfect)
I on the other hand, was the Zoo Keeper, oops I mean I took care of the nasty stuff, like tenant complaints, accounting, court scenes, making the tenants comply to their lease agreement. I was the bad guy, and my husband was the good guy. But....without each other, we wouldn't have succeeded. We wouldn't have been able to Keep our rentals.
He was good at what he did and still does. This enabled us to KEEP OUR BUSINESS.
I am good at what I do. This enabled us to KEEP OUR BUSINESS
Where we good when we first began? ARE YOU KIDDING ME! Dumb and Dumber!!!!
But with embarrassment and lots of goofs it forced ME to study, and finally I became good!
So...for you young whipper snappers out there, there's more to buying a rental property. If you want to Keep it, you've got to learn what it takes. Sometimes you need a Good guy and a Bad Guy, even if you have to be both at one time!
Just a little tip from this old gal....Nancy Neville